What is an Executor Account?

What is an Executor Account?

In the UK the laws governing the execution of a will are very specific in regards to the duties given to the estate’s executor.  The executor is the individual who has the responsibility of seeing the terms of the will enacted and that everyone who is meant to have money or property through the estate receives it in a timely manner.  He or she will be responsible for paying any remaining taxes or obligations, as well as, sorting through the various property and personal requests of the deceased.

The executor of the estate must work within a very rigorous set of obligations, among those is creating an executor account from which the funds may be distributed and pulling together the payments owed to the estate and the various funds and savings he or she may have accumulated.

An executor’s account is special banking account that enables the estate’s executor or executors to gather the finances and payments that are owed to the estate of the deceased person in one account from which distributions can be made.  It may be used for the purpose of paying for funeral arrangements, creditors, or beneficiaries.

To open an Executor Account, banks will require that applicants have a Grant of Representation if they are in England or Wales, or a Grant of Confirmation if they are in Scotland.  A Grant of Representation may be applied for by the individual or through a solicitor.  The individual must have already completed the probate application and the inheritance tax forms in order to receive the grant or confirmation.  Once an individual has the Grant or Confirmation he may then apply at a bank to open this specialised account.

For help an advice around setting up an executor account call Final Duties now on 0800 731 8722